A San Francisco-based Swift Real Estate Partners recently sold Bellevue Terrace in Bellevue, WA for $29.4 million or $408 per square foot. The asset was purchased by Smartcap.

The three-story multi-tenant building is located in Bellevue’s I-90 Corridor submarket at 3633 136th Pl. SE and totals 71,872 square feet. The property is within a mile of T-Mobile’s headquarters, and many anchor technology companies have made the Bellevue and Eastside markets favorable for investors.

Swift identified opportunities six years ago and has invested more than $325 million in under-appreciated Bellevue office projects in need of repositioning since that time. The investment manager remains active in the Eastside market and owns four assets in this area.

“Similar to our conviction six years ago, Swift believes in the Eastside’s potential for outsized growth. We will continue to actively pursue acquiring assets with unique opportunities to generate superior risk-adjusted returns,” said Kurt Nelson at Swift Real Estate Partners.

Swift acquired the asset in 2016 for $17.4 million and completed a full renovation including a lobby remodel and tenant lounge addition. The renovations, above-market parking ratio and location attracted high-profile tenants such as Market Leader and HD Fowler.

Swift decided to sell the asset once the business plan was executed and the rent roll was stabilized. The strong tenant profile and six years of weighted average lease term resulted in sizable interest from investors looking for stable cashflow with upside.

“This sale is the result of the strength of the Bellevue office market and the successful execution of our business plan. We remain focused on continuing to drive value in our remaining Bellevue portfolio,” said Therin Heryford at Swift Real Estate Partners.

Swift was represented by Nick Kucha of Newmark.